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  • Saudi Aramco Suspends Two Oil Contractors

    Aramco earlier this year said it had scrapped plans to expand production capacity to 13 million barrels daily. The company said in January that the state had ordered it to stop work on the capacity expansion and keep the maximum sustainable capacity at 12 million bpd.

  • Saudi Aramco Suspends Two Oil Contractors

    Aramco has served notices of temporary suspension to two oilfield service contractors, Zawya has reported, citing the companies. According to one of them, Borr Drilling Limited, the suspension will begin this month and last for a year, the report said. Borr Drilling operates the Arabia I rig in Saudi Arabia and said it would look to move the rig elsewhere for the duration of the suspension. The other company, Valaris, has also received a suspension for one rig, out of a fleet of 19 that its Saudi subsidiary operates in the kingdom. The contract for the rig was ending at the end of this year, the report noted.

  • Aramco and GCT Semiconductor sign 5G, AI deal in Saudi Arabia

    Saudi Arabian state-owned Oil Group Aramco signed a Memorandum of Understanding (MoU) with chip company GCT Semiconductor to bolster the country’s 4G and 5G ecosystem through the development of mission-critical and public safety networks. While financial terms and the length of the MoU were not disclosed, GCT shared in a press statement that the pair will design and co-develop chipsets and modules for LTE, 5G and NTN spectrum in order to “support the localization of wireless end-user devices and IoT manufacturing.”

  • Saudi Aramco chief says world should ‘abandon fantasy’ of phasing out fossil fuels

    "One of the challenges here is that while society wants to see emissions reduced, nobody wants to pay for it," Woods said. Nasser called for policies more in tune with the "real world." While alternative energy can reduce emissions, "when the world does focus on reducing emission from hydrocarbons, it achieves much better results," Nasser said.

  • Saudi Aramco eyes strengthening cooperation with Chinese partners, CEO says 

    Energy giant Saudi Aramco is eager to enhance cooperation with China, particularly in areas such as carbon capture techniques, stated the company’s CEO. Speaking at a development forum held in Beijing, Amin Nasser expressed the aim to become a partner in the Asian giant’s economic journey. According to a press statement, the company has the potential to partner with Chinese entities in areas besides energy supply, including material development and the chemicals sector.

  • Saudi Aramco gas output to rise 60% by 2030 – Exec

    Saudi state energy giant Saudi Aramco will increase gas output by 60% by 2030, Aramco's Executive Vice President for Strategy and Corporate Development Ashraf Al Ghazzawi said at an energy conference on Wednesday. Aramco recently halted plans to expand oil output capacity and is focused on developing unconventional gas fields similar to U.S. shale fields in the kingdom. The company has also said it is looking at opportunities to invest in liquefied natural gas (LNG) projects abroad.

  • Saudi Aramco CEO says no peak in oil demand for some time to come

    Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, Nasser said. Despite growing investment, alternative energy has yet to displace hydrocarbons at scale, Nasser said. “All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030,” he said. Rising demand from developing economies could feed oil demand growth through 2045, he said.

  • Saudi Aramco CEO says energy transition is failing, world should abandon ‘fantasy’ of phasing out oil

    Gas has grown 70% since the start of the century, Nasser said. The transition from coal to gas is responsible for two-thirds of the reductions in carbon emissions in the U.S., he said. “This is hardly the future picture some have been painting,” Nasser said. “Even they are starting to acknowledge the importance of oil and gas security.”

  • Saudi Aramco CEO says no peak in oil demand for some time to come

    Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out fossil fuels, Saudi Aramco (2222.SE), opens new tab CEO Amin Nasser said on Monday. The head of the world's largest energy company urged a re-set of global energy transition plans in remarks to oil and gas executives at the CERAWeek conference in Houston. Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, Nasser said. Despite growing investment, alternative energy has yet to displace hydrocarbons at scale, Nasser said. "All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030," he said.

  • Saudi in talks to add new banks to Aramco’s secondary share sale: Report

    Saudi Arabia is in talks to include top Wall Street banks for the proposed secondary share sale in oil giant Aramco, Bloomberg reported, citing informed sources.   The kingdom plans to hire JPMorgan Chase & Co. as one of the main underwriters to the offering, with Bank of America and Morgan Stanley contending for lead roles on the deal, which could raise as much as $20 billion, the report said.   The final list of advisers may change and more banks are expected to be added before the deal launches. No final decisions have been made on the sale's timing or the offering's size.